India’s economic growth rate has hit abysmally low level.
The data released last week showed that in the fiscal year 2012-13 the growth had hit a decade’s low of 4.5% at a much slower pace than the 5% estimated earlier. The growth was affected by the slowdown in construction and mining, as well as an upward revision of growth data for the previous fiscal year. After the market hours on Friday the Wall Street tanked heavily by nearly 1%! FIIs too are not shopping the Indian equities. Currently the emerging markets are getting worried as the liquidity crisis may further dampen the sentiments. All in all the week starts with negative bias and we will have to check where the Nifty is going to be supported in the days to come.